The enhanced community quarantine (ECQ), declared over many areas in the Philippines, including the island of Luzon where the National Capital Region is located, has caused significant business disruption. [1] As in other jurisdictions, there are concerns that the country will see a rise in contract disputes and foreclosures, and even businesses invoking laws on suspension of payments, rehabilitati
COVID-19 has had an enormous impact on business relations around the world. This article specifically considers Israeli-founded companies with contracts governed by U.S. law, or that have business operations or assets within the U.S. While every company needs to take steps to conserve cash and cut costs and cash expenditures, the legal implications of such actions must be carefully planned to avoid pitfalls.
Colombian State of Emergency
The president of Colombia decreed a State of Emergency on the national territory due to the recent COVID-19 outbreak. He has issued a series of measures to contain its effects on public health and the economy. This chapter will be updated on a daily basis, including the principal measures issued by the national government.
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COVID-19: Summary of Key Issues.................................................................................... 1
During the current state of emergency, the Romanian government has adopted a series of measures aimed at reducing the negative effects of the COVID-19 pandemic on the business environment in Romania, such as supporting the payment of technical unemployment, state guarantees for loans with subsidised interest rates for SMEs, and VAT refunds to companies. However, in some sectors of the economy being severely hit, we expect possible future insolvency cases.
1. Immediate action to be taken by the management of a company in the current context
Phase 1 of the ‘scaling-down’ process, third tranche of guarantees, extension of ERTE temporary layoffs, potential delay in the application of VAT directives and of DAC6, and measures to support the cultural sector
The current worldwide health emergency has had serious effects on Mexico's economy. Companies in various sectors and industries are facing serious financial difficulties due to decreasing income, which is having a further effect in complying with their obligations before their creditors.
1. Immediate action to be taken by the management of a company in the current context
In brief
On 28 April 2020, it was presented before the Chamber of Senators an initiative of reform to the Insolvency and Bankruptcy Law that pretends to add an emergency insolvency proceeding. Such proceeding foresees that companies that are financially affected by an emergency (such as the COVID-19 pandemic, for example) can request and be subject to an automatic declaration of insolvency.
Among the main proposals of additions, there is the creation of a new insolvency proceeding with the following characteristics: